Izumiya, Koh Brothers, Posco, Woori: Asia Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses and share prices are as of the latest close. The information in each item was released after markets shut, unless stated otherwise.
All Nippon Airways Co. (9202 JT): The carrier said 275 domestic flights had been canceled as of 3 p.m. in Tokyo as Japan’s strongest storm since 1959 hit the capital with sustained winds of 90 kilometers (56 miles) per hour. The stock fell 2.5 percent to 237 yen.
Ateam Inc. (1662) (3662 JT): The digital content provider will start trading on the Tokyo Stock Exchange’s Mothers market. The initial offering price was 1,080 yen per share.
Fast Retailing Co. (9983 JT): Asia’s biggest clothing retailer said same-store sales at its Uniqlo Japan chain rose 5.1 percent in March. The stock slipped 0.8 percent to 18,880 yen.
Hokkaido Electric Power Co. (9509 JT): The utility plans to restart a coal-fired power plant in northern Japan by mid-April. The plant was halted on March 25 because of a drop in water levels at a steam drum, it said in a statement. The shares rose 2.1 percent to 1,228 yen.
Inpex Corp. (1605) (1605 JT): Japan’s largest energy explorer plans to start marketing loans of as much as $20 billion to banks, according to a person familiar with the matter. The proceeds will be used to help fund the Ichthys liquefied natural gas project in western Australia. The stock dropped 0.9 percent to 559,000 yen.
Izumiya Co. (8266) (8266 JT): The supermarket operator said net income fell 8.6 percent to 688 million yen ($8.4 million) in the year ended Feb. 29. The retailer expects profit to rise to 700 million yen this fiscal year. The stock slid 1.3 percent to 443 yen.
Giken Seisakusho Co. (6289) (6289 JP): The maker of hydraulic pile pressing and extracting machines reported 42 million yen ($512,000) in net income for the six months through February, 16 percent less than its forecast, as demand fell amid an uncertain outlook for the U.S. and China, according to a preliminary earnings statement. The stock was unchanged at 430 yen.
Koh Brothers Group Ltd. (KOH) : The engineering company and property developer said a subsidiary’s joint venture with a unit of United Engineers Ltd. (UEM SP) won a S$54.6 million contract to build part of Singapore’s Jurong Water Reclamation Plant. Koh Brothers’ shares were unchanged at 22 Singapore cents. United Engineers dropped 0.4 percent to S$2.50.
Nidec Corp. (6594) (6594 JO): A unit of the motor maker bought Minster Machine Company, a U.S.-based manufacturer of press machines with sales of about $120 million last fiscal year, Nidec said in a statement. Nidec dropped 2.1 percent to 7,430 yen.
Pocket Card Co. (8159) (8519 JT): Full-year profit at the provider of credit card services was 1 billion yen, short of its forecast by 38 percent, according to a preliminary earnings statement. The stock rose 1.1 percent to 376 yen.
Posco (005490 KS): Posco is seeking to raise about $535 million selling stakes in three South Korean companies: SK Telecom Co. (017670 KS), KB Financial Group Inc. (105560 KS) and Hana Financial Group Inc. (086790 KS), according to terms for the sales obtained by Bloomberg News. Posco, South Korea’s biggest steelmaker, fell 0.5 percent to 380,500 won. SK Telecom added 1.4 percent to 142,500 won, while KB dropped 0.5 percent to 42,300 won. Hana was unchanged at 44,900 won.
Sato Foods Co. (2923) (2923 JT): The rice cake maker cut its net income forecast by 87 percent to 100 million yen for the year ending April 30, citing a loss from a lawsuit. The stock was unchanged at 1,675 yen.
Steel Authority of India Ltd. (SAIL IN): The nation’s second-largest producer of the alloy raised prices of some products by as much as 2.6 percent, starting April 1, according to its website. The shares climbed 3 percent to 98.9 rupees.
Woori Finance Holdings Co. (053000) (053000 KS): South Korean officials plan to meet on April 6 to discuss the sale of Woori, the Maeil Business Newspaper reported. The financial company added 0.7 percent to 13,600 won.
To contact the editor responsible for this story: Nick Gentle at email@example.com